As brewer InBev SA pushed ahead with its decidedly unwelcome $46.3 billion offer for Budweiser maker Anheuser-Busch Cos., UBS unveiled defensive measures to stave off investor demands for a breakup. The Swiss bank said four directors would resign and promised to find strong replacements.
Investors, who had been bracing themselves for yet another profit warning to mark the start of the third quarter, were nevertheless unimpressed by the initiatives and marked UBS' shares down sharply.
Meanwhile, BP plc executives who have been working on the TNK-BP joint venture in Russia are packing their bags after Moscow authorities withheld work visas, handing a victory to BP's estranged Russian joint venture partners.
Manitowoc Co. is to boost its catering equipment portfolio after winning a rare "sudden death" auction for fryers maker Enodis plc conducted by the U.K. Takeover Panel late Monday. Manitowoc will pay £1.33 billion ($2.7 billion) for Enodis after defeating U.S. rival Illinois Tool Works Inc. The victor celebrated, and the loser moved on to fight another day. - Barbara Rudolph
